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to disincentivize the economy and being too restrictive and cut off growth. it would be easy if there was a right and wrong. everything is right here so it is a matter of judgment, what proportion you come back in these things. but i think both sides have to be touched in this, entitlements have to be touched and revenue has to be touched. >> that's the message lloyd blankfein is delivering right now to members of congress on the hill and what he'll say to the president later on today. >>> as eamon mentioned, the president will not only meet with mr. blankfein but a number of other ceos at the white house later today to sell that fiscal cliff plan to them. president earlier today out speaking about it. our chief washington correspondent john harwood is live at the white house with some details on that. hi, john. >> reporter: hi, sue. i echo eamon. i think wall street ought to pay a little bit less attention to the statements that are coming out every day because we've got a long way to go on this roller coaster ride. we've got a live picture of jay carney briefing at the white house right now. th
to you saying, look, congress might not blow up the economy for no good reason. or if i do have to say it, i shouldn't sound excited about it. that should be a given. but in recent years, it has not been a given. and the reason it hasn't been is in some ways traceable to this guy. you know that guy. that is grover norquist. if you go by his name or his picture, he may not seem imposing. but in the republican party, he's a guy that breaks your knees if you vote for higher taxes. all republicans pretty much sign it and they are very, very, very loathed to break it. and that's made it impossible to reach a deficit reduction deal, until now. "the new york times" has an article in which republican after republican after republican goes on the record by name dismissing his pledge and his power. peter king says a pledge is good at the time you sign it. in 1941 i would have voted to declare war on japan. but each congress is a new congress and you can't have a rule that you're never going to raise or lower taxes. i don't want to rule anything out. senator of georgia said, i'm frankly not concerne
's entire economy. we can't afford it and we can't afford to leave it intact. so try as they might, remember the last congress republicans passed a lot of bills out of the house of representatives that tore apart obama care. as even the president calls it now. they didn't go anywhere in the senate and meanwhile, alex, after the thanksgiving break, the principles are expected to get back together to begin negotiating in earnest. as you're right the clock is ticking. just a little bit more than one month to go before the nation heads over that fiscal cliff. al alex? >> 38 days and counting. thanks so much. let's go from the white house to the middle east now. palestinians and israelis are keeping a cease-fire alive. but many call the truce extremely fragile. an attempted border breach threatened the calm yesterday. israeli forces shot and killed a palestinian man. he was one of hundreds testing israeli security at the border. nbc's martin fletcher is live for us in tel aviv. good saturday morning to you, martin. can this shooting jeopardize the cease-fire? and then when does the next phase beg
the government, we will close down the american economy and, in turn, the global economy. if they do not solve the issue of this runaway spending, get some way to stop borrowing in excess, he tells the president of the united states if we default on this, on our obligations and our ious, we will trigger a depression worse than the 1930s. anybody here remember the 19 1930s depression? you probably don't. i don't. i was not born, but i've read about it. it was a calamity for the world. tim geithner said to the president what, if we default on this, if we do not solve this problem, we will have an economic catastrophe that will make the 2008 financial crisis a footnote in the history books. anyone remember the 2008 financial crisis? that's coming not from some columnist or journalist, that is coming from well-informed secretary of the treasury. you think about this, there is a value in running scared. if you think about after 9/11, the terrorist attacks, one thing the country did collectively is they set up tsa, the screening at airports. there are all kinds of work, very significant work done to
obama term in office? the economy, the fiscal cliff talks, the president's priorities in the next four years. our roundtable is here. david brooks of "the new york times." msnbc's reverend al sharpton. former ceo of hewlett-packard carly fiorina >> historian and film maker ken burns. and nbc chief foreign affairs correspondent andrea mitchell. and we'll here from representative gregory meeks this morning as we check in on some of the hardest-hit victims of hurricane sandy and see how they offered thanks this weekend while surrounded by destruction. >>> from nbc news in washington, the world's longest-running television program, this is "meet the press." with david gregory. >>> president obama doing his part for the economy over the weekend out holiday shopping as part of small business saturday, picking up several children's book at an independent bookstore iypÑarlington. >>> meanwhile, uncertainty in the middle east. more clashes in egypt over the weekend as police use tear gas this morning to disburse protesters in cairo. i want to start there. we have "new york times" columnist dav
the economy going over the fiscal cliff. no mystery what the issues areu. the democrats know, republicans know and so does president obama. entitlements are pushing the country toward financial ruin. here is what the president said in 2010. >> the major driver of the long-term liabilities is medicare, medicaid and healthcare spending. nothing comes close. social security we could probably fix the same way tip o'neil and ronald reagan sat down together and we could figure something out. that is manageable. medicare and medicaid, massive problems down the road. that's where, that is what our children have to worry about. >> dana: here we are, two years later and still no plan. on the left in congress refusing to deal with that simple reality. vermont senator bernie sanders caucuses with the democrats. take a listen. >> i get nervous when i hear the president and others continue to talk about quote/unquote, entitlement reform. which is just another cut for medicaid and medicare and social security. >> eric: brian, start with you, today. >> dana: you look surprised. >> brian: i am. yet honored. >>
, it could have serious consequences on the economy. >> i want to ask you both to weigh in on this question. kristen, you do the political angle and neil you give me the nuts and bolts. yesterday john boehner wrote an op-ed calling for the health care law to be part of the negotiations, he wrote in part the president's health care law at the massive, expensive, unworkable program when the national debt exceeds the size of our country's entire economy. we can't afford it, and can't afford to leave it intact. is john boehner right? >> no. look, it's a law that does a lot of things with the health care system. it's not predominantly a fiscal issue, in that that when the government does anything, it affects taxes. if you're the president you have no incentive to allow the health care law to be on the table in these negotiations. maybe on the edges there are a few spending programs you're willing to negotiate over. but in terms of the health insurance mandate and exchanges, all the things in this complicated law that passed two years ago, you're really going to draw the line and say, we're not g
the entire economy because we're not confident that our guys can govern anymore. people like me just aren't hiring because we're not confident they can do it. >> well, the white house echoed that concern this morning. a new report says failing to act on the president's plan for middle class americans would freeze the economic recovery. obama's plan includes lower taxes on the first $250,000 earned by every american and tweaking the alternative minimum tax. the white house report estimates that consumer spending would fall by $200 million. now that's more than three times what consumers spent just over this entire holiday weekend. there could be a drag on a range of industries from cars and housing to restaurants and supermarkets, if congress can't reach a deal. and look, pocketbook issues are not the only problem here. carl levin, the democratic senator and chair of the armed services committee said automatic cuts to government spending could impact public safety. >> i think you should be worried if you have a defense job and we all ought to be worried whether we are dependent upon other
that are behind these numbers are relate primarily to the economy and as we all know the economy is still sluggish but there is improvement. >> aaa estimates that 40% of travelers left the day before thanksgiving and 36% returning today and 25% tomorrow. it could be a long journey home. this is what it looked like on the 405 on los angeles on the big get away day with traffic backed up for miles. and on thanksgiving morning as drivers headed out on i-10 east in beamont, texas. a husband and wife were killed and 100 injured and the trail of wreckage stretched for two miles. forecasters say more fog and snow in parts of the midwest and northeast could make it trougher getti tougher getting home after a long holiday weekend. >> reporter: again, as this afternoon goes on, we're going to see the traffic build on this road. about a 10% drop, alex, than they spent last year. >> michelle franzen there. here's a big question. will the weather cooperate for travelers out there? here with the travel forecast to answer that for us is dylan. >> most areas will cooperate. you're just dealing with the traffic as
that would avoid that potentially devastating fiscal cliff that is looming over the u.s. economy right now. the president is meeting with small business owners at the white house today. he had a series of meetings with different business leaders over the last week. despite the warnings that the talks are stalling on capitol hill stuart varney joins me now, host of "varney & company" on fox business network. >> good morning, martha. bill:. martha: what are you hearing how this is going? >> it is impasse basically. the republicans said yesterday they accommodated the democrats they will agree to get more money from wealthy people from higher taxes but mitch mcconnell, senate republican leader, he says there has been no similar compromise from the democrats or the president. he says they are still holding out for higher tax rates on the rich and he says the radical left is prescenting the democrats and president and agreeing to serious reform from medicare. martha, i have to tell you. i got new numbers from medicare, from trustees, actually. medicare has to pay out in the future $42 trillion.
to cripple the syrian economy. eight round-trip flights between moscow and damascus delivering more than 200 tons of, quote, bank notes into syria. u.s. and european sanctions include a ban on syrian currency in an attempt to slow the violence that's killed thousands of people. syria and russian officials have so far not responded to the reports. >>> overseas tens of thousands are rallying today in cairo's tahrir square protesting what they view as a blatant power grab by president mohamed horsey. with tensions mounting yesterday, morsi appeared to soften his controversial attempt to award himself near absolute power above the reach of the law. in a vaguely worded statement, morsi spokesman backtracked slightly saying that only acts of sovereignty would be immune from oversight. >>> well, u.s. consumers went big this weekend for small business saturday. millions of holiday shoppers spent a total of $5.5 billion during the third annual local business shopping event. mika spent half of that in the south of france. and that's not even counted in that tally. for more on the holiday shopping seas
cartwright. much larger housing it. one-way ticket about this is that the great growing economy in china per capita carbon emissions levels go up about 100% if they stop at the level of wealthy but hybrid -- out by less than 30%. that's a huge difference. whether or not you live in global warming are worried about the price of gas at the pump, we have a lot to gain by china in the building of rather than a. i think the most important thing for america to do in order to encourage a to have it is to get it some urban policies interpret that means stopping our cities as if they are the ugly stepchildren of america and recognize them for the economic heart line, apart a chance -- the heartland for this country. the american dream can only mean a homeowner in the suburb every means rethinking policies that pay for highways with general tax revenues, driving people to drive longer distances, above all honor city schools which are such critical ingredient for urban success in such a critical problem which despite enormous hard work by people language, mayor menino, like the city council, are so far
of the pattern for the s&p 500. lower than less than three points. >> so with all the good news on the economy out today, still no rally for stocks. is it really still all about the fiscal cliff for investors right now? let's talk about that in our clo"closing bell" exchange. steve liesman will have breaking news momentarily. steve, do you have that? >> yes, i do. what we have is a report from the new york fed on consumer finance. what the news shows is that overall, consumer credit outside of real estate is up just a bit. most of that, by the way, is student loan debt, being up about $42 billion inside that $2.7 trillion number. overall, mortgage debt is down and overall debt is down. the basic gist of the details, bill, is that consumer credit continues to decline overall. delinquencies are down and bankruptcies are down. balance sheet repair continues. a little bit more willingness of the consumer to take on some debt and a lot of it -- >> that's very interesting, steve. let me ask you something, david. >> i want to make one more point, which is that when you talk about how much the dow is
yet, with whispers of possibly the fed stimulating the economy even further, and with economic data pouring in almost daily that suggests we're still sputtering along? >> well, i tend to think 2013s going to be a great year. i'm not just looking at housing and employment. i'm looking at the architectural building index. there's stuff in the draw room. they're ready to bid out this winter and break ground in the spring. the republicans know that. the democrats know that. i would agree with rick. right now it's hard to imagine they can come up with something. we know they can. we know the democrats can say, okay, we'll give you something on means testing entitlements and we'll move the social security age up. republicans will say, we'll get rid of second mortgage deductions. they can do it. i don't think they really want to do it yet. so we just sit here sort of up 100, down 100. you know, just stand on the sidelines and wait until they figure it out. >> ryan, how are you allocating capital as we watch these gyrations on a daily basis because of comments out of capitol hill? >> the bo
saying this fiscal cliff is bad for the economy. let's work together now. president obama says no than thanks. this killed me. nothing changed since december of 2010. president obama talked about losing in the midterms and said the worst thing we can do is high inemployment and slow economic growth is raise taxes on anybody so support me in extension of the bush tax cu cuts. nothing has changed about the economy now but the economic growth projections are worse. this is not a great way to make good policy. >> kimberly: that is their campaign slogan. they don't make concessions. they have to do something serious about cutting back on spending. coming back in with the entitlement. without that, it won't make a difference if they raise taxe taxes. taking out the bush tax cuts won'tbe make it go away. >> eric: the food stamp recipients. the latest number. $47 million. more than alabama, connecticut, delaware. minnesota, nebraska. nevada. new hampshire. new mexico. north dakota, oklahoma, oregon, rhode island, south dakota, utah, vermont, west virginia and wyoming combined. populations of t
send the entire world economy into a recession. steve moore is here, senior economics writer at the "wall street journal." he joins us now from washington, d.c. will they prevent it, steve? >> the good news is, no one should ever listen to what they say. but, you know, these go sheesh and keep rolling on. my sources on capitol hill say that there is still a lot of gridlock there. the main thing, in my opinion, can they reach a deal on these taxes that does not require all of the requirements of business to go up? dagen: do think that happened, because again, there are so many taxes that we need to worry about, the lawmakers never fixed it for 2012. if they do not fix that, it will hit 33 million americans. the payroll tax cut. will that go away, because, again, it was temporary ones, temporary twice and it will still be a higher tax. >> im so glad you brought up the amt. nobody has really been focusing on this. that would be bigger than even extending the bush tax cuts. you are talking about $2 trillion in additional taxes on americans over the next decade if we do not fix th
on the economy running in to the holiday season. so we have the better housing numbers, up 3.6%. then we had a stronger consumer confidence number and we're seeing the best consumer confidence since, what, february 2008. let's put it in context. we're just in 73 territory on the digits. 90 would be where the economy would be if everybody was happy with their lot. and we're still some way away from that 90 figure. but apparently things improving on the fact employment is picking up. so it would appear that things are getting brighter for the u.s. economy, but, boy, we still need to bang some heads together on this fiscal cliff because until we're going somewhere on on that, these markets are treading water right now. back to you. >> all right, geoff cutmore live in london. thanks. >> what would you do with 500 pll million? >> i would say that's gambling and that when we cover the story, we ought to talk about the draw backs on people being taken advantage of and never get any money. >> t.j., how close did you get to becoming extraordinarily wealthy just this time last week? >> pretty close. o
line, if you're a retail giant and just trying to get the most you can in a tough economy, do you see why they want to get out there and just get a jump-start and open up tonight? >> i definitely do, especially in the economic times understand why they would open. however, they are claiming to have consulting every employee's work schedule and requests but i can guarantee that not every single employee was personally consulted as to whether they wanted to work thanksgiving or black friday. target also flat-out ignored availability. for example, my fellow coworker never works fridays due to previous childcare arrangements with her daughter and she is scheduled to work black friday anyway. >> clearly it is not making people happy, but i thank you for coming in to share your thoughts. happy thanksgiving. >>> coming up, if congress can't get a deal done, how will it impact your pocketbook in the new year? >>> plus, how victims of hurricane sandy won't be forgotten this holiday. i had enough of feeling embarrassed about my skin. [ designer ] enough of just covering up my moderate to severe
it to capitalize on that robust stoo robust start, the white house issued its own report warning the economy will sink if the impasse isn't resolved. >> i think evidence like this is one reason why retailers are so concerned that congress has not yet extended the middle class tax cuts. >> house republicans have their own dueling public opinion events planned, if you will. the house gop leaders will meet with ceos on wednesday that are part of a group called the campaign to fix the debt founded by erskine bowles and allen simpson. this is a move, by the way, boehner is embracing it in a way he didn't a year and a half ago. bowles will be there in case voters forgot the plan that included $800 billion in new revenue, aka taxes, the amount boehner put on 0 the table last summer, less than the $1.6 trillion the president is calling for. both the white house and boehner face pressure from their own bases that will make compromise more difficult. it's unclear what the white house means when they say entitlement reform. jay carney made it clear what that phrase does not mean. when you say entitleme
globally, but here in the united states we're getting answers from the national economy of society and nasa, the guys who put the man on the moon, that's where we're getting our information and where we're getting our policy guidance and the solutions to move forward. let's discuss it, the united states, if we have a carbon tax in the united states of some sort, we tax emissions so we have fewer emissions and you think that makes a really, rail big difference to the temperature of the planet? >> a huge difference because we've got to go after the industrial carbon pollution that's warming the planet and paying a heavy price. this pushed the price tag on the problem and we know where the pollution is, let's go get it. >> one last question, i'm sure you're familiar with the study by the britain's meteorologist office. no increase in the global temperature in a 16 year period. i think it was from mid 1990's until 2010, 2011. and that's what the british office said flat-out. what do you make of that? >> well, with great respect, i'm not familiar with the report. what i can say is here in this c
travel is still popular even though the economy is sluggish. in terms of the tickets themselves yes they are up from earlier this month. if you're afraid of the big jumps we are still a holiday away from that. have a listen. >> over thanksgiving prices were relatively flat compared to thanksgiving 2011. where we do see a little bit of a jump is when we get to christmas. we see airfare prices 8% higher than we saw last christmas. >> maybe it's a big headache for folks that are traveling today is the number of canceled and delayed flights because of fog in the chicago area. it really impaired midway and owe hair. it's a domino system. a lot of the regional flights, everything you see up here in yellow is at least delayed. a lot of the canceled flights are from the midwest, springfield, missouri, and other points in the midwest. make sure you check with your airline if you're traveling today. heather: that is a lot of yellow on the screen. folks were waiving to you in the line, they didn't look some aggravated. hatch of the thanksgiving travelers will go by car instead. what is the imp
which means fewer jobs and that can drag our entire economy down. now, the good news is, there's a better option. right now, as we speak, congress can pass a law that would prevent a tax hike on the first $250,000 of everybody's income. everybody's. and that means that 98% of americans and 97% of small businesses wouldn't see their income tacks go up by a single dime. 98% of americans, 97% of small businesses would not see their income tacks go up by a single dime. even the wealthiest americans would still get a tax cut on the first $250,000 of their income. so it's not like folks who make more than 250 aren't getting a tax break, too. they are getting a tax break on the first 250 just like everybody else. families and small businesses would, therefore, be able to enjoy some peace of mind heading into christmas and heading into the new year. and it would give us more time than next year to work together on a comprehensive plan to bring down our deficits, to streamline our tax system, to do it in a balanced way, including asking the wealthiest americans to pay a little more so w
have something really worked out because look at what the economy -- look at where consumer sentiment is over the last couple months. i don't think they can really, you know, run the risk of that falling back. we made so much improvement over the last couple months. at least macroeconomicly, they can't run the risk of this thing going over. >> what does it mean for the stock market and how many different things are affecting it right now? i figure not knowing where tax policy is next year, some people know it will be hire, so they're probably just going to sell into december 31st. and then you've got continuing problems in europe, as well, morgan stanley has a report out about possible recession in 2013. what are the factors that influence the market at 13,000 and do you think it's a good time to ad money or take money out? >> short term, i think the feeling is that things are going to work out. so we'll be in this range here of in the s&ps 1390, 1420. i think if we break 1390, we get down to that next 1360 level will, again, there is so much money on the sidelines waiting to do somet
.s. economy. i thinkist the moguling being throw in front of it, our self-inflected issues, you know, last time around we sequestration. are we going to have sequestration 2? of course we'll put a band-aid, but we need leverage to have reform predicated to surrender on the band-aid. >>> we've got to go, guys. i've got to go with this. we've got to move on. this is the last hour of trading, so we've got to move here. thank you for your thoughts today. steve, thank you, you're voting on a committee of politicians. i find hope in that somehow. >> yeah. you're in the hopeful camp. >> hoping at the last moment they will do the right thing. >> was that a pig that just flew by? the market is slowly coming off the lows. >> instead the last time the markets closed in positive territory on black friday was 2008. let's see if we can do it again. we have full team coverage of where it's shaping up to be a jolly holiday season. >> our luxury or discount retailers. >>> and walmart workers threatening to walk off the job. are these protests having a real impact, or was it a lot of noise? we'll speak to o
represented their interests. >> we also have a terrible economy. a weak economy is the only reason they're in the game. i'm going to end this conversation because i don't think it's been resolved, erin, and i -- erin, you made a good case for younger people. that's the future of every party. go younger. the problem is they have to decide ideologically can they compete for seats in pennsylvania, maybe not massachusetts, but new jersey, connecticut, new england? are they going to give you up a portion of the country and say, we're going to make our votes in the south? that's a problem they have right there. they've given up both coasts, by the way. that's my argument, not yours. robert, thank you for coming in tonight. happy thanksgiving. you should be in cars heading home. erin, you've been doing great this year. great coverage. >>> coming up, republicans aren't the only ones fighting among themselves. some progressives are warning president obama, they don't like this debt reduction deal, they'll let people hear. the big question is, so what? we're not having any more campaigns. anyway,
their first priority is a life issue. they say doesn't matter the economy if you don't ever have life -- >> why should a choice person vote for the continuation of this republican platform which says from the moment of conception that unborn child or fetus is a citizen with rights of property, life, and liberty? >> there are plenty of people that are pro-choice republicans that are out there just like there are plenty of pro-life democrats out there because they're going to pick their own preferences. i would disagree this party is demographically falling apart when a 49%/51% election just occurred. you look at the house of representatives and you have this large percentage of republicans there. we still are a very divided nation. >> it's going to be about 47%, and most americans voted in the house races, most americans did vote for democrats. because of gerrymandering your party got a big majority, but that's because of gerrymandering. >> it's because the democrats waste a lot of votes in big city democratic districts. 99% of the vote. >> i want to say something very important about
for the bailout money. it's a cold shower for anybody getting excited about the economy heating up a new economic report sends a dire warning about the world's economic health. predicts that europe's economy's going to shrink and the u.s. economy is about to take a sharp turn downward. richard quest from london, tell us about this group. is it a bunch of economists sitting around in an office, dealing with real numbers they're crunching? why the dire predixz. >> no, these are serious, severe people. the organization for economic cooperation and development oecd, the rich country's club. 34 developed countries, that is if your gdp per capita over $15,000. long way of saying, extremely respectable, extremely respected. what they are warning, and i've got the numbers in front of me, take the united states. it said they project the u.s. will grow this year to 2.2%, slow down next year to 2%, before picking up in 2014 to 2.8%. but so much so far, so good. the risk is all in the future. i'm going to read it now. according to the oecd the world economy risk, suzanne, is because of the fiscal cliff in th
's comment was look, tax increases slow economic growth. tax increases take resources out of the real economy and allow the government to grow and grow. that's always a bad idea. that's not a good idea some years and a bad idea others. leeches, doctors don't put leeches on people ever, it's wrong. don't do it. it doesn't make people stronger. raising taxes, taking money out of the economy, damages the economy, kills jobs, reduces opportunities. >> you know, the latest cnn polls that just came out this week say you're wrong. two or three americans, including a majority of republicans, say the fiscal cliff should be addressed with a mix, a mix of spending cuts, yes, but also tax increases and if there's no deal according to these polls, they're going to blame republicans more than they blame the president. all the best evidence right now suggests the public wants to see the republicans compromise on this tax question. so from a political standpoint, is it okay for lawmakers to ignore the pledge that they gave earlier? >> well, the challenge is that the pledge that they made and that every two y
-in-class fuel economy. engineered to move heaven and earth. ♪ guts. glory. ram. jon: fox news alert for you now. we are awaiting remarks from president obama. he is pushing his plan to try to avoid the year-end fiscal cliff. this speech comes ahead of a meeting between the president and business leaders later today discussing actions the white house says are aimed at growing the economy and finding a quote, balanced approach to reducing the nation's deficit. let's bring in our panel. mary katharine ham editor-at-large of hot air.com and fox news contributor. peter mirijanian former advisor to the clinton-gore and gore-lieberman campaigns. when the president arrives at the white house to speak, he will have people behind him, ordinary americans who reached out to the white house and want their $2,000 middle class tax cut preserved. republicans are saying this is essentially a campaign stunt, a campaign appearance kind of event of the he won the election. he should get on the business of governing. what do you say? >> well, one quick observation, jon. i think what you're seeing, what i think is i
economy will look like in worker bees and retirement bees. >> now and -- >> you're playing defense here tonight. don't join us as a commentary. what's the story about your party. i see it -- i get increasingly aware, as you watch this show develop over the last 18 years in different forms, i get increasingly aware there's all white people at the table. a sunday show, for example, you get a sense, there's something wrong with this picture. do republicans have that sensitivity? talmage is -- >> she mentioned rogers, the number four people -- >> what do they do? >> they hold conferences every week. they run the retreats. >> run the retreats? >> john boehner -- >> you're getting in deeper and deeper. >> they run the caucus meetings every week. she runs the caucus, decides which speakers come in. vice chair of the caucus, lynn jenkins, virginia fox -- >> what's a more important position, chairman and vice chairman of the caucus or speaker of the house -- >> or committee chair. >> any of the committees. >> caucus chairman trumps the committee chairmanship. i've been both. i've been in the lea
to reach a sweet deal. >> reporter: more uncertainty over the unstable greek economy. european be officials failed to reach a deal on giving greece more aid. financial leaders had differences over how long greece should be given to reduce its debt. they need to agree on the issue before greece to receive its next bailout loan. >> asian markets shook off the news and headed higher as the yen hit a seven month low. nikkei add 1% to finish at a two month low while the hang seng gained 1%. federal reserve chairman ben bernanke is pushing for a compromise on the fiscal cliff. in a speech tuesday he said if president obama and congress can resolve the crisis unemployment would go down and the economy would grow. falling oil prices and an announcement that hewlett packard is taking a $9 billion write down. the dow lost just over seven points while the nasdaq was mostly unchanged. shares of home builders rallied on news that home construction jumped in october to a four year high. construction of apartment buildings was especially strong up 10%. and it looks like hostess's twinkie is cooked. the s
of failure. >> pelley: if we go over the fiscal cliff, as it's called, what happens to the economy? >> look, if we go over the fiscal cliff, it will be very bad, hugely negative for the stock market, which is a source of people's wealth. people will feel poorer. if we go over for a short period of time and adjust it, we can repair some of those things. but what you won't repair is people's attitudes towards the united states as a responsible debtor. and that's very important. if we show that we're so irresponsible that we can't manage our affairs, people have no recourse but to invest with us today but they're going to work awfully hard to find alternatives very quickly. >> pelley: lloyd blankfein is among the world's most influential bankers, but he rarely does interviews. goldman sachs is the most successful investment bank on wall street with earnings last year of $4.4 billion. washington playing with fire? >> yes. yes. washington is playing with fire, and you don't get-- it's not like a football game where you get the two-minute warning. they don't-- you know, they don't tell you when y
on the margin. >> one i think i think it's not just for the fiscal cliff, but if our economy is going to need mobilization to get more jobs here, fewer exports abroad, then you've got to have some c.e.o.s come in, like f.d.r. did. f.d.r. brought in the head of chrysler and sears and roebuck. he had two top republicans in his cabinet, and i know c.e.o.s don't like to come to government because they have to give out all the stuff they have, those taxes. those are the people i think that want to help their country. the country has been so good to them. arlet them try to figure out how to get our country moving again. >> and i think obama has to realize the moment. for a re-elected president there is so much good will out there, even among his opponents. now, we had an election which i think was decided but not decisive. there were, what, 57 million people who voted for romney. and there is a way that obama can kind of step forward and say, "these are the ideas. this is the method we're going to do this." he can-- i mean, you know, you talk to this man-- i mean, you don't get to talk to the peopl
around. >> okay. >> what else do we have in news? >> we have the economy. we'll begin there now at 4 past the hour. >> we're going to keep reading the post. go ahead. >> the markets look to rebound after stocks finished relatively flat yesterday following a new warning from the central bank about the fiscal cliff. speaking to the economic club of new york, fed chair ben bernanke urged lawmakers to reach a deal to avoid the automatic spending cuts and tax increases. he said going over the fiscal cliff would pose a substantial risk to the economy. according to a new study the fiscal cliff could give 90% of americans new tax bills when the bush tax rates and some by president obama would both end. the working poor would be among the hardest hit. a tax policy center analysis showed a married couple making about $30,000 a year would on average go from receiving a $15 tax credit to owing $1400. >> wow. >> yeah. that's probably a reason to try and get something done? >> maybe we will. maybe we will. >> you would think. >> yeah. or maybe we can just talk about 2016. >> we could do that as well. h
people are flying. another reason is because of the economy, some people are saying i'm going to hold off in terms of booking a flight especially because fares are not dropping. because there's limited capacity. the airlines have been able to hold fares at a fairly consistent level. they are down according to aa compared to last year. still, you won't find too many bargains unless you're looking for last minute deals to nontraditional places. one other thing, guys, as we take a look at rental car stocks, you've heard a lot of stories over the last couple of days. it's true. if you were looking to rent a car in the northeastern united states, which some people do during the holiday weekend, good luck because most of them are already spoken for. this is the carryover effect from superstorm sandy. so many cars were damaged, destroyed during the storm. as a result, rental cars have been tight for some time in the northeastern united states. and that's the case this weekend. a lot of people, believe it or not, guys, they do like to rent a car in order to make the trip of 300 or 400 miles. this
." >> a new holiday spending bonanza. americans are feeling more confident about our economy. will lead to the great of growth, and what could set us back? >> also, an arrest in a string of murders in new york city connected to one gunman. what we are learning about the man that police in new york city say was poised to strike again. and a large bird crashes through the cockpit plane of this airport. details of the scare in the air for the pilot and passengers. it's all "happening now." >> but first, the cease-fire truce may be fragile, but it appeals to be holding. i am heather childers in for jenna lee. >> and i am rick scott in for jon scott. with egypt's president mohammed morsi, it is a big test for the new leader. steve harrigan is live in cairo. some are saying that mohammed morsi is the real winner here. you have all sides facing the same person. americans giving him high marks for his mediation, even some israeli officials praising the president. as far as the mediation goes, there were some concerns about which direction he would say, a long-term member of the muslim brotherho
, but it would also compromise our economy. >> and, quickly, there's a lot of speculation about what type of deal, what the deal will actually look like, talks perhaps coming to an agreement to have a mechanism in place that would have sizable deficit reduction and have sizable entitlement reform in 2013, a little bit now, a lot later. do you think it's possible in the lame duck to do a big deal or get a blueprint in place by january 1st? >> well, my best guess is, and it's just a guess, is that we have a blueprint and that we do make some changes. but that a commitment is made, not something as extreme as the sequester but a commitment is made for tax reform and other reforms that take place in 2013, but that we do enough to get us through the end of the year. i don't think it will be a completely kicking the can down the road because we can't because as my good friend from vermont says, you know, everybody's taxes will go up. i can't see that happen. i really can't. >> representative karen bass from l.a. laker land, thanks so much for waking up early for us. happy thanksgiving. >> thanks for ha
of our economy. and i feel good about this, but it's not going to be cheap. we have to have reasons. there needs to be oversight so that money is not provided just frivolously, and i don't think anybody wants that. >> the numbers, though. you say it's not going to be cheap. is there a damage estimate, some estimation right now from the storm damage? >> i expect by friday or monday, tom, that we will have a bottom line figure. the governor's office is working on that right now, justifying each of the line items that would be in that proposal. so i'm very confident that we could do that either by 4:00, 5:00 friday afternoon or monday morning. i'm very confident we'll have a number to go by. i think it's going to be a lot more realistic number than you saw the governor of new york, who i have a great deal of respect for. but i didn't think that helped us in providing dollars for any of the tristate area that was affected by this storm. you need to plan this out, tow yao need to be very resolved, you need to be able to substantiate. you asked me a question before about the shore. we're
reflection on us all. now through january 2nd. not in this economy. we also have zero free time, and my dad moving in. so we went to fidelity. we looked at our family's goals and some ways to help us get there. they helped me fix my economy, the one in my house. now they're managing my investments for me. and with fidelity, getting back on track was easier than i thought. call or come in today to take control of your personal economy. get one-on-one help from america's retirement leader. so i brought it to mike at meineke. we gave her car a free road handling check. i like free. free is good. my money. my choice. my meineke. >>> welcome back to cnn sunday morning. i'm randi kaye. here are some of the stories that we're watching right now. today is expected to be one of the busiest travel days of the year. pack some patience. nearly 2.5 million thanksgiving holiday travellers will be catching a flight back home. millions more will be on the road. triple-a projecting 43.6 million americans are traveling during this long holiday weekend. that is, three million more than last year. >>> in washi
. >> if the gel oal is to raise m revenue what's the best way to do that and protect the economy? if you're able to gain more revenue by closing special loopholes and limiting them and keeping the rate down, isn't that a better outcome? >> once again, talk of tax deductions and closing loopholes, but a big note. raising tax rates, so a lot of talk but perhaps not much real movement at least for now. as for grover norquist, he told cnn's soledad o'brien today that although some republicans are discussing impure thoughts on television, they won't really act on them. >> i've had long conversations with lindsey graham. he said i would raise taxes if and then he lists this incredible list of reforms and entitlements that the democrats would never give him. as i suggested to him, i said, senator, you're offering to trade a tax increase for a pink unicorn that doesn't exist. >> whether he does or doesn't bet on taxes, pundits in washington seem terribly impressed that senator graham and others are even talking about going against grover norquist. keeping them honest, though, outside the beltway, most p
for that the economy is finally on the mend? we're going to ask a guy who just might be the best investor ever to walk this earth. how is that for an introduction. >> pretty good. >> warren buffett, glad to have you here. >> all right. an important health warning. if you've having a grapefruit or grapefruit juice for breakfast this morning, it can have serious, even fatal side effects, if you're using certain medications. dr. nancy snyderman will be here to explain that. >> a lot of medications take. like mother, like daughter. anna nicole smith's little girl is modeling for the clothing brand guess just like her mother did. we'll have more on that story. >>> we're also going to tell you about a recent health scare for oprah winfrey. >> we want to begin with cyber monday, big success. diana alvear is live from phoenix at the amazon.com fulfillment center. good morning to you. >> reporter: lots of happy faces on the floor this morning. now that it's clear the consumers were out in full force, shopping with their laptops, their devices, turning amaz amazon.com into their top online destination. whether
did a wonderful job to keep the economy on track, hasn't it? >> greg: opposed to socialnism >> bob: opposed to misguided management. >> dana: even when the employees vote to not be in the union the union does this on their behalf. that is what we're supposed to believe. unions are feeling their oath. if romney would have won, they would have done it as well. the unions are declining so much with people part of them they trying to do what they can. they risk losing in court of public opinion. earlier today, they sat in sixth avenue to proest he had to come to work today. everyone was yelling at him and saying ridiculous. get up and get to work. >> greg: union of one. >> bob: you make a good point. the union membership declined dramatically. i don't know what you are worried about. you a right for a union and collectively bargain. >> greg: we have a right to travel. >> dana: you talk about prime minister benjamin netanyahu would risk going too far and losing support in the international court of public opinion. do you not agree that the union is doing this and to greg's point now eve
see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. at meineke i have options... like oil changes starting at $19.95. my money. my choice. my meineke. >>> black friday, drew bigger crowds this year than last. so if you thought it was busier, you were right. but shoppers were less willing to part with their hard-earned dollars. black friday foot traffic jumped 3.5% with more than 370 million store visits, according to the research firm shopper track. but sales fell nearly 2% to $11.2 billion. for some shoppers, it is more apt to call yesterday black and blue friday, clever. the pushing, the shoving, the tussling, the yelling became as much a part of the consumer event as the shopping. and here now, a glimpse at some of the black friday free-for-all. ♪ >> [ bleep ]! i will stab one of you [ bleep ]! ♪ >> i literally got squished. half of my body was in that door. that was insane. >> y
of your personal economy. this is going to be helpful. call or come in today. fidelity investments. turn here. [ male announcer ] a european-inspired suspension, but it's not from germany. ♪ a powerful, fuel-efficient engine, but it's not from japan. ♪ it's a car like no other... from a place like nother. introducing the all-w 2013hevrolet malibu, our greatest malibu ever. ♪ monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. i'm going b-i-g. [ male announcer ] good choice business pro. good choice. go national. go like a pro. >>> there are signs of the truce between israel and hamas is holding this weekend. palestinian sources say israel has eased restrictions on gazan fishermen, allowing them to go up to six miles from shore. the fishermen had been restricted from going more than about three miles into the mediterranean. also palestinian farmers have resumed tending their la
on the oil industry. we want it to help us, you know, to develop our economy and to develop the economy of the world. so what is good for the well-being of saudi arabia should be good for the well-being of the world too. so there's nothing wrong with that. >> and so what do you say to people out there like al gore and now mr. obama that say we have to devote ourselves-- devote ourselves to reducing our dependence on oil? >> my answer to this is, we have to be realistic. we don't have the alternatives today. if there are alternatives, be my guest and come and bring them in. but they are not there. >> you're saying whatever the world does in terms of wind, nuclear, coal, we're still gonna need oil, and a lot of it, no matter what? >> you're still going to need oil and a lot of it. >> politicians use this all the time that we're "addicted," addicted to foreign oil. and addiction has a dark connotation, because if you're addicted, there's a suggestion that there's a drug dealer who's trying to keep you hooked. it's in the air that you want to keep us hooked. >> there is nothing addictive ab
be resolved and it puts the focus again back on what's happening in the u.s. economy. what's happening in the u.s. economy? it slowly is healing job market is starting to filter into sentiment. and the housing market is showing some notable signs of improvement. this week we're going to hear more on the housing market. manufacturing sector, also some consumer data. we're going to get some fed regional reports from the federal reserve. also going to get a gauge of gdp, gross domestic product. gdp is the broadest gauge of economic growth. prior quarter was something like 2%, not great. we think that maybe they're going to think this quarter was more like 2.8%, which would show, again, that healing in the market overall. a quick focus for you on the housing market. this is something you probably felt most directly. in part because we have record low mortgage rates. last year the 30-year fixed fell to 3.31%. the 15-year fixed, this is the popular refinancing tool, 2.63%. many of you are telling me you can't qualify. i'm telling you, these rates are going to stay low for a long time so you
. >>> and concerns of a lack luster economy sure aren't evident this weekend. shoppers screaming and turning out in big numbers to the stores on black friday, leading many analysts to believe post thanksgiving sales will surpass last year's numbers after all. perhaps. online sales are also up a whopping 21% on black friday. then there's power ball fever. and it's spreading across the country. the lottery jackpot is now $325 million. that's the fourth largest jackpot in the game's history. so if you're feeling optimistic, you have until 10:00 p.m. eastern tonight to buy that $2 ticket. >>> and overseas now to egypt, where opposition to president mohamed morsi is growing. for a third straight day, protesters hit the streets demanding he rescind a decree that gives him unlimited power. we get more now from cairo. >> reporter: outrage, clashes, and anguish in tahrir. thousands of angry egyptians back in a public square that has become the arab world's emblem for the democratic right to protest. this was where egyptians demanded the ouster of former president hosni mubarak last year. this time, the f
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